Company Registration No. SC576299 (Scotland)
Devoted2Vintage Ltd
Unaudited financial statements
for the year ended 30 September 2020
Pages for filing with registrar
Devoted2Vintage Ltd
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Devoted2Vintage Ltd
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Devoted2Vintage Ltd for the year ended 30 September 2020 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
20
.
This report is made solely to the Board of Directors of Devoted2Vintage Ltd, as a body, in accordance with the terms of our engagement letter dated 1 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Devoted2Vintage Ltd and state those matters that we have agreed to state to the Board of Directors of Devoted2Vintage Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
20
.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Devoted2Vintage Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Devoted2Vintage Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of Devoted2Vintage Ltd. You consider that Devoted2Vintage Ltd is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Devoted2Vintage Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
29 June 2021
Devoted2Vintage Ltd
Balance sheet
as at 30 September 2020
30 September 2020
2
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
19,200
28,800
Tangible assets
4
300
360
19,500
29,160
Current assets
Stocks
10,265
10,265
Debtors
1,906
2,009
Cash at bank and in hand
303
415
12,474
12,689
Creditors: amounts falling due within one year
(72,475)
(70,238)
Net current liabilities
(60,001)
(57,549)
Net liabilities
(40,501)
(28,389)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(40,503)
(28,391)
Total equity
(40,501)
(28,389)
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Devoted2Vintage Ltd
Balance sheet (continued)
as at 30 September 2020
30 September 2020
3
The financial statements were approved by the board of directors and authorised for issue on 29 June 2021 and are signed on its behalf by:
A. Graham Macewen
Director
Company Registration No. SC576299
Devoted2Vintage Ltd
Notes to the financial statements
for the year ended 30 September 2020
4
1
Accounting policies
Company information
Devoted2Vintage Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Braeriach, Pitmurchie Road, Kincardine O'Neil, Aboyne, Aberdeenshire, Scotland, AB34 5AQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has net liabilities of £40,501 (2019 - £28,389), but included in the creditors is the sum of £71,598 (2019 - £58,806) owed to a director. The director has confirmed that he will not call in this amount for as long as necessary to ensure the ongoing viability of the company. The directors therefore consider it appropriate for the accounts to be prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intellectual property
5 years straight line
Devoted2Vintage Ltd
Notes to the financial statements (continued)
for the year ended 30 September 2020
1
Accounting policies (continued)
5
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
1
Devoted2Vintage Ltd
Notes to the financial statements (continued)
for the year ended 30 September 2020
6
3
Intangible fixed assets
Total
£
Cost
At 1 October 2019 and 30 September 2020
48,000
Amortisation and impairment
At 1 October 2019
19,200
Amortisation charged for the year
9,600
At 30 September 2020
28,800
Carrying amount
At 30 September 2020
19,200
At 30 September 2019
28,800
4
Tangible fixed assets
Total
£
Cost
At 1 October 2019 and 30 September 2020
500
Depreciation and impairment
At 1 October 2019
140
Depreciation charged in the year
60
At 30 September 2020
200
Carrying amount
At 30 September 2020
300
At 30 September 2019
360
5
Directors' transactions
Description
Opening balance (credit)
Amounts advanced
Amounts repaid
Closing balance (credit)
£
£
£
£
A. Graham Macewen - Director's account
58,806
17,996
(5,204)
71,598
58,806
17,996
(5,204)
71,598